wiUSA December 2013

INDEX

Kenny Huang

Tycoon a manufacturer of fasteners and steel wire rods, is toexpand thecapacity of its electric arc furnace in Thailand. The increase from 500,000 tonnes a year to 700,000 tonnes will allow the company to reduce its iron ore inventory. Company chairman Kenny Huang said that as Thailand imports 5 million tonnes of iron ore a year, the company can also sell iron ore in the market. He explained that, until the capacity expansion has been completed, the company has to keep an inventory of 150,000 to 160,000 tonnes of iron ore, making it vulnerable to declining iron ore prices. In addition to falling prices for the iron ore in its inventory, market demand has been low for steel wire rods this year, as the government aims to open up the local market to imports of steel wire rods containing boron from China next year. “Many downstream firms reduced their inventory as they waited for the prices to drop,” Huang said. Sales of steel wire rods account for 70 percent of Tycoon Group’s revenue, the company said. Tycoon to expand furnace capacity Group Enterprise Co,

TaihanElectricWirehaswon threeultra-high voltage cable supply contracts worth $42 million. Two contracts have been placed by the ministry of electricity and water of Kuwait to supply power to substations in the Shadadiya region, and by the Dubai electricity and water authority (DEWA) to lay underground power lines in Dubai. These projects are in progress. Taihan will supply 275kV and 132kV cables and cable joints, and will control the electric work. The third project has been won in Kazakhstan, and is to supply 500kV cables to thermal power stations. Earlier this year, Taihan became the first Korean power cable manufacturer to succeed in a commercial operation for 500kV cables in Russia. Middle East & Kazakhstan projects for Taihan

ASIA / AFRICA NEWS

wiredInUSA - December 2013

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